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OPEC output stays unchanged

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OPEC output stays unchanged

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OPEC members have agreed to leave the amount of oil they pumps unchanged, but some of them expressed concern that certain countries are not complying with quota restrictions.

Saudi Oil Minister Ali al-Naimi said with the price as it is between $70 and $80 a barrel, everyone is happy “consumers, producers and investors.”

But Naimi and other ministers said some producers are pumping too much, building up reserves and pushing down prices.

However, there is little they can do to stop countries like Angola, Nigeria and Iran exceeding their agreed production allocations.

At the meeting Saudi Arabia also said it would consider lowering its production to allow Iraq to fully rejoin OPEC. At the moment Iraq is exempt from the cartel’s output targets.